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Name TestBanks Chapter 02: Appendix: Graphs in Economics
Description Question pool for TestBanks Chapter 02: Appendix: Graphs in Economics
The point at which the axes of a graph intersect is called the:
slope. origin. graph.
The ________ of a curve shows the point at which the curve intersects an axis.
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If two variables are positively related, on a graph they will always be represented by: Answer a line or curve that slopes downward. a straight line. a horizontal line. a line or curve that slopes upward.
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If two variables are negatively related, they will always be represented by:
Answer a line or curve that slopes downward. a straight line. a horizontal line. a line or curve that slopes upward. Add
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If two variables are negatively related:
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Answer as one goes up in value, the other must go up in value, too. as one goes up in value, the other must go down in value. there can never be a trade-off between the two. one variable is always the reciprocal of the other. Add
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If two variables are positively related: Answer as one goes up in value, the other must go up in value, too. as one goes up in value, the other must go down in value. there is always a trade-off between the two. one variable is always the reciprocal of the other. Add
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The relation between two variables that move in the same direction is said to be: Answer independent. neutral. positive. indirect. Add
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The relationship between two variables that move in opposite directions is said to be: Answer independent. positive. direct. negative. Add Question Here
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On a graph representing two variables:
Answer a positive slope of a curve means the variables are negatively related. a negative slope of a curve means the two variables are positively related.
a line that is horizontal has a zero slope. a line that is vertical has a zero slope.
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Figure: Cold Drinks Sold and Temperature
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Reference: Ref 2-1
(Figure: Cold Drinks Sold and Temperature) Look at the figure Cold Drinks Sold and Temperature. If we move from point C to point E in the figure, the outside temperature has ________ and the number of cold drinks sold has ________.
Answer decreased by 30 degrees; decreased by 30 drinks increased by 20 degrees; increased by 20 drinks increased by 30 degrees; increased by 30 drinks increased by 40 degrees; increased by 40 drinks
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Figure: Cold Drinks Sold and Temperature
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Reference: Ref 2-1
(Figure: Cold Drinks Sold and Temperature) Look at the figure Cold Drinks Sold and Temperature. If we move from point B to point C in the figure, the outside temperature has ________ and the number of cold drinks sold has ________.
Answer decreased by 30 degrees; decreased by 30 drinks increased by 20 degrees; increased by 20 drinks increased by 30 degrees; increased by 30 drinks increased by 40 degrees; increased by 40 drinks Add
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Figure: Cold Drinks Sold and Temperature
Reference: Ref 2-1
(Figure: Cold Drinks Sold and Temperature) Look at the figure Cold Drinks Sold and Temperature. If we move from point C to point D in the figure, the outside temperature has ________ and the number of cold drinks sold has ________.
Answer decreased by 30 degrees; decreased by 30 drinks increased by 20 degrees; increased by 20 drinks increased by 30 degrees; increased by 30 drinks increased by 40 degrees; increased by 40 drinks
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Figure: Hot Drinks Sold and Temperature
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Reference: Ref 2-2
(Figure: Hot Drinks Sold and Temperature) Look at the figure Hot Drinks Sold and Temperature. If we move from point K to point L in the figure, the outside temperature has ________ and the number of hot drinks sold has ________.
Answer decreased by 30 degrees; increased by 30 drinks increased by 20 degrees; decreased by 20 drinks increased by 30 degrees; decreased by 30 drinks increased by 40 degrees; decreased by 40 drinks
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Figure: Hot Drinks Sold and Temperature
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Reference: Ref 2-2
(Figure: Hot Drinks Sold and Temperature) Look at the figure Hot Drinks Sold and Temperature. If we move from point J to point L in the figure, the outside temperature has ________ and the number of hot drinks sold has ________.
Answer decreased by 30 degrees; increased by 30 drinks increased by 20 degrees; decreased by 20 drinks increased by 30 degrees; decreased by 30 drinks increased by 40 degrees; decreased by 40 drinks
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Figure: Hot Drinks Sold and Temperature
Reference: Ref 2-2
(Figure: Hot Drinks Sold and Temperature) Look at the figure Hot Drinks Sold and Temperature. If we move from point L to point M in the figure, the outside temperature has ________ and the number of hot drinks sold has ________.
Answer decreased by 30 degrees; increased by 30 drinks increased by 20 degrees; decreased by 20 drinks increased by 30 degrees; decreased by 30 drinks increased by 40 degrees; decreased by 40 drinks
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Figure: Good X and Good Y
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Reference: Ref 2-3
(Figure: Good X and Good Y) Look at the figure Good X and Good Y. If we move from point B to point C in the figure, the x-variable has ________ and the y-variable has ________.
Answer decreased by 2 units; increased by 15 units increased by 2 units; decreased by 15 units decreased by 15 units; increased by 2 units increased by 15 units; decreased by 2 units
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Figure: Good X and Good Y
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Reference: Ref 2-3
(Figure: Good X and Good Y) Look at the figure Good X and Good Y. If we move from point C to point B in the figure, the x-variable has ________ and the y-variable has ________.
Answer decreased by 2 units; increased by 15 units increased by 2 units; decreased by 15 units decreased by 15 units; increased by 2 units increased by 15 units; decreased by 2 units
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When graphing a curve, the vertical intercept is:
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Answer the value of the y-variable when the value of the x-variable is equal to zero.
the change in the y-variable between two points divided by the change in the x-variable between those same two points.
the value of the y-variable when the value of the slope is equal to zero.
the value of the x-variable when the value of the y-variable is equal to zero.
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Reference: Ref 2-4
(Table: Hours Studied and Quiz Score) Look at the table Hours Studied and Quiz Score. The
table shows data for students in an economics class. If we were to graph these data and draw a line through the points, we would choose ________ to be the independent variable; the vertical intercept of our line would be ________; and the slope of our line would be ________.
Answer
Quiz score; y = 2; –2
Quiz score; x = 0; –2
Hours studied; y = 0; +2
Hours studied; y = 2; +2
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Figure: Demand and Supply of Shirts
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Reference: Ref 2-5
(Figure: Demand and Supply of Shirts) Look at the figure Demand and Supply of Shirts. In the graph, if the line labeled D is a demand curve for shirts showing how many shirts per week will be demanded at various prices, then it is clear that as the price of shirts falls: Answer fewer shirts will be demanded. more shirts will be demanded. the same quantity of shirts will be demanded. it is unclear what will happen to the demand for shirts.
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Figure: Demand and Supply of Shirts
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Reference: Ref 2-5
(Figure: Demand and Supply of Shirts) Look at the figure Demand and Supply of Shirts. If the line labeled S is the supply curve for shirts that shows how many shirts per week will be offered for sale at various prices, then it is clear that for supply, quantity and price are: Answer the same. positively related. negatively related. not related. Add
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Table: Wages and Hours Willing to Work
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Reference: Ref 2-6
(Table: Wages and Hours Willing to Work) Look at the table Wages and Hours Willing to Work, which shows data on wage per hour and the number of hours someone is willing to work. Which variable would economists put on the vertical axis?
Answer
Either variable
the wage, because even though it is the independent variable, it is a price hours willing to work, because it is the dependent variable neither variable
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Table: Wages and Hours Willing to Work
Reference: Ref 2-6
(Table: Wages and Hours Willing to Work) Look at the table Wages and Hours Willing to Work. If graphed, the relationship between wage per hour and hours willing to work is: Answer linear. coordinated. nonlinear. negatively sloped.
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Figure: Illustrating Slope
Reference: Ref 2-7
(Figure: Illustrating Slope) Look at the figure Illustrating Slope. In the graph, line 1 depicts X and Y to be: Answer positively related. nonlinearly related. unrelated. negatively related.
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Figure: Illustrating Slope
Reference: Ref 2-7
(Figure: Illustrating Slope) Look at the figure Illustrating Slope. In the graph, line 3 depicts X and Y to be:
Answer positively related. unrelated. negatively related. both constants. Add
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Figure: Demand and Supply
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Reference: Ref 2-8
(Figure: Demand and Supply) Look at the figure Demand and Supply. The curve labeled D indicates that a price of $2 is related to a quantity of:
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Question Figure: Demand and Supply
Reference: Ref 2-8
(Figure: Demand and Supply) Look at the figure Demand and Supply. The curve labeled S indicates that a price of $2 is related to a quantity of:
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Question Figure: Slope
Reference: Ref 2-9
(Figure: Slope) Look at the figure Slope. This graph depicts ________ relation between X and Y.
Answer a positive a negative an independent a lack of any
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Reference: Ref 2-10
(Table: Wages and Hours Worked) Look at the table Wages and Hours Worked. Graphing the relation with wages on the vertical axis and hours worked on the horizontal axis, the slope between point D and point E is:
Answer
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Reference: Ref 2-10
(Table: Wages and Hours Worked) Look at the table Wages and Hours Worked. Graphing the relation with wages on the vertical axis and hours worked on the horizontal axis, the slope between point A and point B is:
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Two points on a nonlinear curve have coordinates given by (5, 15) and (17, 13). The average slope of the curve between these points is:
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Which of the following statements about a graph drawn with X on the horizontal axis and Y on the vertical axis is correct?
Answer
If two points on the graph are (0,8) and (12,15), X is 0 when Y is 12.
If two points on the graph are (0, 8) and (12, 15), X and Y have a positive relation.
If two points on the graph are (0, 8) and (12, 15), the horizontal intercept is given by the point (0, 8).
If two points on the graph are (0, 8) and (12, 15), the slope of a line connecting the two points is negative.
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Figure: Illustrating Slope
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Reference: Ref 2-11
(Figure: Illustrating Slope) Look at the figure Illustrating Slope. In the graph, line 2 has a slope of: Answer +1. 0. –1. infinity.
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Figure: Demand and Supply
Reference: Ref 2-12
(Figure: Demand and Supply) Look at the figure Demand and Supply. The slope of the curve labeled D is: Answer
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Figure: Demand and Supply
Reference: Ref 2-12
(Figure: Demand and Supply) Look at the figure Demand and Supply. The slope of the curve labeled S is: Answer –1. 0. 1. 3.
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The slope of a straight line is the ratio of the: Answer vertical change to the horizontal change. horizontal change to the vertical change. run over the rise.
vertical change to the horizontal change, and it must be positive.
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Figure: Slope
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Reference: Ref 2-13
(Figure: Slope) Look at the figure Slope. In the graph, the slope of the line between points A and B is: Answer
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Question Figure: Slope
Reference: Ref 2-13
(Figure: Slope) Look at the figure Slope. The slope of the line in the graph can be calculated by taking the: Answer horizontal change and dividing it by the vertical change. vertical change and dividing it by the horizontal change.
sum of the Y values subtracted from the sum of the X values. sum of the X values added to the sum of the Y values.
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The ratio of the change in the variable on the vertical axis to the change in the variable on the horizontal axis, measured between two points on the curve, is the: Answer axis. slope. dependent variable. independent variable.
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Reference: Ref 2-14
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(Table: Price, Quantity Demanded, and Quantity Supplied) Look at the table Price, Quantity Demanded, and Quantity Supplied. A straight line represents the relation between: Answer price and quantity demanded. price and quantity supplied. price and quantity demanded minus quantity supplied quantity demanded and quantity supplied.
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Reference: Ref 2-14
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(Table: Price, Quantity Demanded, and Quantity Supplied) Look at the table Price, Quantity Demanded, and Quantity Supplied. The data in the figure suggest a nonlinear relation between: Answer price and quantity demanded. price and quantity supplied. quantity demanded and quantity supplied. A nonlinear relationship does not exist.
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Reference: Ref 2-14
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(Table: Price, Quantity Demanded, and Quantity Supplied) Look at the table Price, Quantity Demanded, and Quantity Supplied. The slope of the line representing the relation between price on the vertical axis and quantity supplied on the horizontal axis is:
Answer equal to 1/2. equal to 1. equal to 2. different at different points on the line.
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Reference: Ref 2-14
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(Table: Price, Quantity Demanded, and Quantity Supplied) Look at the table Price, Quantity Demanded, and Quantity Supplied. The slope of the line representing the relationship between price on the vertical axis and quantity demanded on the horizontal axis is:
Answer equal to 1/2. equal to 1. equal to 2. different at different points on the line.
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Figure: Y = f(X)
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Reference: Ref 2-15
(Figure: Y = f(X) Look at the figure Y = f(X). In the figure, what best describes the slope of the relation between x and y?
Answer
A positive and constant slope.
A negative slope that is getting steeper. A positive slope that is getting steeper. A positive slope that is getting flatter.
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Figure: Seasonally Adjusted Unemployment Rate
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Source: Bureau of Labor Statistics, 2008.
Reference: Ref 2-16
(Figure: Seasonally Adjusted Unemployment Rate) Look at the figure Seasonally Adjusted Unemployment Rate. The distance between each labeled point on the horizontal axis is one year. What is the approximate slope of the graph between 1/2004 and 1/2006?
Answer 1/2 1 –1/2
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Figure: Seasonally Adjusted Unemployment Rate
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Source: Bureau of Labor Statistics, 2008.
Reference: Ref 2-16
(Figure: Seasonally Adjusted Unemployment Rate) Look again at the figure Seasonally Adjusted Unemployment Rate. The distance between each labeled point on the horizontal axis is one year. What is the approximate slope of the graph between 1/2001 and 1/2003?
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Figure: Seasonally Adjusted Unemployment Rate
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Source: Bureau of Labor Statistics, 2008.
Reference: Ref 2-16
(Figure: Seasonally Adjusted Unemployment Rate) Look again at the figure Seasonally Adjusted Unemployment Rate. The distance between each labeled point on the horizontal axis is one year. Unemployment was ________ between 2001–2002 and ________ between 1999–2000.
Answer increasing; decreasing increasing; increasing decreasing; increasing decreasing; decreasing
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Figure: Seasonally Adjusted Unemployment Rate
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Source: Bureau of Labor Statistics, 2008.
Reference: Ref 2-16
(Figure: Seasonally Adjusted Unemployment Rate) Look again at the figure Seasonally Adjusted Unemployment Rate. The distance between each labeled point on the horizontal axis is one year. Unemployment was ________ between 2001–2003 and ________ between 2007–2008.
Answer increasing; decreasing increasing; increasing decreasing; increasing decreasing; decreasing
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Figure: Seasonally Adjusted Unemployment Rate
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Source: Bureau of Labor Statistics, 2008.
Reference: Ref 2-16
(Figure: Seasonally Adjusted Unemployment Rate) Look again at the figure Seasonally Adjusted Unemployment Rate. The distance between each labeled point on the horizontal axis is one year. Using this graph, the unemployment rate was at a minimum in ________ and a maximum in ________.
Answer 2003; 2000 2007; 2001 2003; 1999 2000; 2003
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Figure: Labor Force Participation Rate
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Reference: Ref 2-17
(Figure: Labor Force Participation Rate) Look at the figure Labor Force Participation Rate. Using the figure, the labor force participation rate for women was ________ during 1970–1985 and ________ during 1998–2006.
Answer increasing; slightly decreasing increasing; increasing decreasing; increasing decreasing; constant
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Question Figure: Labor Force Participation Rate
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Reference: Ref 2-17
(Figure: Labor Force Participation Rate) Look at the figure Labor Force Participation Rate. During 1970–1985, the labor force participation rate was _______ for women and _______ for men.
Answer
increasing; decreasing increasing; increasing decreasing; increasing decreasing; decreasing
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If a supply curve is represented by the equation Q = 10 + 2P, what is its slope?
Answer
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Your boss asks you to graph company profits for the past 10 years. The best way to show this information is with:
Answer a scatter diagram. a pie chart. a time-series graph. an independent graph.
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The owner of the Dismal Philosopher, one of five bookstores on College Road, asks you to make a graph showing each bookstore's share of all book purchases on College Road. The best way to show this information is with:
Answer a scatter diagram. a pie chart. a time-series graph. an independent graph.
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Professor Macro wants to use a numerical graph to show the percentage of government spending accounted for by its various components. Which of the following graphs is most suitable for this purpose?
Answer bar graph pie chart time-series graph scatter diagram
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A positive relationship between swimsuits purchased and ice cream purchased could be the result of:
Answer reverse causality.
a magnified scale on the swimsuit axis. a truncation of the ice cream axis. an omitted variable, such as the external temperature.
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Taylor sees a bar graph showing the average weight of adult males over the past 200 years and concludes that men get more obese over time. Taylor's conclusion may be wrong, since she did not consider:
Answer the features of construction. omitted variables. reverse causality. tangent lines. Add
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Figure: Unemployment Rate over Time
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Reference: Ref 2-18
(Figure: Unemployment Rate over Time) Look at the figure Unemployment Rate over Time. In the time-series graph, as we move from the beginning of 2001 to the beginning of 2003, we see that the unemployment rate has: Answer decreased from approximately 5% to approximately 4%. increased from approximately 5.3% to approximately 7.3%. decreased from approximately 7.7% to approximately 5.5%. increased from approximately 4% to approximately 6%.
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Figure: Unemployment Rate over Time
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Reference: Ref 2-18
(Figure: Unemployment Rate over Time) Look again at the figure Unemployment Rate over Time. In the time-series graph, as we move from 1993 to 1995, we see that the unemployment rate has:
Answer decreased from approximately 5% to approximately 4%. increased from approximately 5.3% to approximately 7.3%. decreased from approximately 7% to approximately 5.5%. increased from approximately 4% to approximately 6.3%.
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Figure: Unemployment Rate over Time
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Reference: Ref 2-18
(Figure: Unemployment Rate over Time) Look again at the figure Unemployment Rate over Time. In the time-series graph, as we move from 1991 to 1993, we see that the unemployment rate has:
Answer decreased from approximately 5% to approximately 4% increased from approximately 5.5% to approximately 7%. decreased from approximately 7.8% to approximately 5%. increased from approximately 4% to approximately 6.3%.
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Figure: Unemployment Rate over Time
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Reference: Ref 2-18
(Figure: Unemployment Rate over Time) Look again at the figure Unemployment Rate over Time. In the time-series graph, as we move from 1997 to 2001, we see that the unemployment rate has:
Answer decreased from approximately 5% to approximately 4%. increased from approximately 5.3% to approximately 7.3%. decreased from approximately 7.8% to approximately 5.5%. increased from approximately 4% to approximately 6.3%.
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A ________ graph shows how the value of one or more variables have changed over some period. Answer linear time-series nonlinear periodic table
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The scaling of the axes of a time-series graph: Answer is not a critical element in presenting the intended information. may change the interpretation of the data presented generally places the time period on the vertical axis. generally puts values of a variable, such as the unemployment rate, on the vertical axis.
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In a time-series graph, large changes can be made to appear trivial by: Answer changing the scale of the axes. labeling more intervals. defining the dependent variable. defining the independent variable.
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A scatter diagram shows: Answer how far apart dependent variables are. individual points of data showing both variable values. the slope of a line. the intercept of a curve.
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The fact that two variables always move together over time: Answer does not prove that one of the variables is dependent on the other. proves that one of the variables is dependent on the other. proves that changes in one variable cause changes in the other. is often illustrated or depicted using either a pie chart or a bar chart.
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A pie chart is used to depict information about: Answer the relative shares of categories of data. the changes of a particular variable over time. positive, not negative, relationships among variables. the changes of a particular variable over time and positive relationships.
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A bar graph:
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Answer shows the relative amounts attributable to different categories. may be shown by vertical bars to illustrate the comparative sizes of different observations.
may be shown by horizontal bars to illustrate the comparative sizes of different observations.
A, B, and C. Add
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In looking at a chart of the positive relationship between police officers and crime, the mayor remarks that more police officers create more crime. The mayor may be wrong because she did not consider:
Answer the features of construction. omitted variables. reverse causality. tangent lines. Add
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Figure: Consumption of Pizza and Tacos
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Reference: Ref 2-19
(Figure: Consumption of Pizza and Tacos) Look at the figure Consumption of Pizza & Tacos. The figure shows the number of tacos and pizza slices Matt can eat in a day. The relation is nonlinear, and there is a negative relation between the number of tacos and pizza slices that Matt can eat in a day.
Answer
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Figure: Consumption of Pizza and Tacos
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Reference: Ref 2-19
(Figure: Consumption of Pizza and Tacos) Look again at the figure Consumption of Pizza & Tacos. The figure shows the number of tacos and pizza slices Matt can eat in a day. The best estimate of the slope between point A and point B is –4. Answer
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A linear curve has the same slope between every pair of points. Answer
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The owner of the Dismal Philosopher, one of the five bookstores on College Road, asks you to make a graph showing each bookstore's share of all book purchases on College Road. A good way to show this information is with a pie chart. Answer
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A town hires more police officers and then has an increase in arrests. One can conclude that the larger police force caused more crime. Answer True False
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An economist wishes to build a model to explain the relationship between the number of diamonds purchased every year and the average income of consumers in that year. Which variable should be the dependent variable and which should be the independent variable? All else equal, do you expect this relationship to be positive or negative? Explain. Answer The number of diamonds purchased should be the dependent variable and the average income should be the independent variable. It is much more reasonable to believe that income causes diamond purchases than the other way around. One would expect a positive relationship. As average income rises, all else equal, diamonds become more affordable to more people, and so more diamonds will be purchased.